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General Motors Co. (NYSE:GM)

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Common-Size Income Statement
Quarterly Data

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General Motors Co., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Automotive net sales and revenue
Automotive and other cost of sales
Automotive and other gross margin
GM Financial net sales and revenue
GM Financial interest, operating, and other expenses
Automotive and other selling, general, and administrative expense
Operating income
Automotive interest expense
Interest income and other non-operating income, net
Equity income (loss)
Income before income taxes
Income tax (expense) benefit
Net income
Net (income) loss attributable to noncontrolling interests
Net income attributable to stockholders
Adjustments
Net income attributable to common stockholders

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

Profitability across the reported period exhibits significant volatility, characterized by a period of relative stability from 2021 through 2023, followed by acute contractions and subsequent recoveries in 2024 and 2025. The bottom line is heavily influenced by fluctuations in automotive gross margins and sporadic, large-scale non-operating losses.

Automotive Gross Margin and Cost of Sales
Between March 2021 and March 2024, the automotive gross margin generally fluctuated between 6.75% and 13.60%. However, a severe deterioration is observed starting in mid-2025, with margins falling to 8.35% in March, 5.24% in June, and reaching a negative peak of -4.21% in September 2025. This decline corresponds with cost of sales peaking at 104.21% of revenue during the same quarter. A partial recovery occurred by March 2026, where the margin returned to 10.98% before declining again to 7.01% in June 2026.
Operating Income Trends
Operating income remained largely positive and stable between 5% and 11% for the majority of the period. A downward trend emerged in late 2024, with income dropping to 3.49% by December. This culminated in a significant operating loss of -8.90% in September 2025, mirroring the collapse in gross margins. Operational recovery is evident by the first quarter of 2026, with operating income rebounding to 7.44%.
Non-Operating and Equity Impacts
Equity income exhibits extreme volatility, serving as a primary driver for net income instability. While generally contributing between 0% and 1.4% of revenue, a substantial equity loss of -10.01% was recorded in December 2024, and a further loss of -2.00% occurred in September 2025. These losses significantly amplified the decline in net income during those specific quarters, independent of operating performance.
GM Financial Performance
The financial segment maintains a consistent relationship with automotive revenue. Net sales and revenue for GM Financial typically ranged from 8% to 11% of automotive revenue. Expenses associated with this segment remained relatively stable, generally fluctuating between 6% and 9%, indicating a predictable cost structure relative to the primary automotive business.
Net Income and Common Stockholder Returns
Net income attributable to common stockholders shows a pattern of resilience followed by sharp shocks. After maintaining margins between 5% and 10% from 2021 to 2023, the ratio plummeted to -3.97% in December 2024 and -8.16% in September 2025. These troughs align with the aforementioned equity losses and the collapse in gross margins. The recovery in early 2026 to 6.64% suggests a return to normalized earning capacity, though the subsequent drop to 2.94% in June 2026 indicates ongoing volatility.
Expense Management
Selling, general, and administrative (SG&A) expenses as a percentage of revenue show a general trend of improvement. From peaks of 9.17% in 2021, SG&A costs gradually declined, reaching a low of 4.60% in September 2025 and remaining around 5% in 2026, suggesting successful cost-containment measures despite the volatility in gross margins.